20171211 s ep 809 · 2017. 12. 7. · us$323 psf a year. this was followed by midtown in new york...

Turnaround for BUGIS CUBEAn active management committee strived to fi ll the struggling six-storey strata-titled mall. Its success is perhaps a lesson for other strata-titled commercial complexes suffering from low footfall. See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of December 11, 2017 | ISSUE 809-31

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

Market WatchPrice recovery at Sentosa Cove?

EP3

Industry WatchTender prices for Jiak Kim and Fourth Avenue sites

set benchmark EP4

LuxuryChristie’s International Real Estate expands footprint in Asia EP6

Done DealsSpike in sales at Martin Modern, Queens Peak

EP10

SAM

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UA/T

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EP2 • EDGEPROP | DECEMBER 11, 2017

E

Investors led by restaurateur snap up Jervois Green for $52.9 milInvestors led by restaurateur Mike Ho, the third-

generation owner of Chinese restaurant Spring Court,

have bought the eight-unit Jervois Green for $52.9

million, announced marketing agent Colliers Inter-

national on Dec 6.

The sale price, which is 10% higher than the own-

er’s asking price of $48 million, works out to $1,601

psf per plot ratio (ppr), including an estimated devel-

opment charge of $6.95 million. As the property was

sold by a single seller, no approval from the Strata

Titles Board or the High Court was required for the

completion of the sale.

Under the 2014 Master Plan, the Jervois Green site

is zoned “Residential”, with a plot ratio of 1.4. Accord-

ing to Colliers, it can be redeveloped into a five-storey

development of 42 units measuring about 850 sq ft

each, subject to authorities’ approval. Colliers expects

the future development to be priced above $2,500 psf.

Ho, who owns a portfolio of shophouses, says he

is an active investor in the real estate market and has

been scouting for opportunities with his friends. The

Jervois Green site is of an “ideal” size (about 26,700

sq ft) and is in a prime location, which offers “excit-

ing future redevelopment potential”, he adds.

Brookvale Park up for sale at $530 milBrookvale Park, a 999-year leasehold condomini-

um located within the Sunset Way estate off Clem-

enti, was launched for collective sale on Dec 6 with

a minimum price tag of $530 million. As at Dec 6,

more than 80% of the owners have consented to the

collective sale.

According to JLL, the estimated development

charge is $26 million. This translates into a land cost

of about $932 psf ppr. The 373,008 sq ft site could be

redeveloped into a project with 550 residential units

with an average size of 1,100 sq ft, says JLL, who es-

timates the breakeven price to range between $1,480

and $1,500 psf.

Under the 2014 Master Plan, the site is zoned “Res-

idential”, with a gross plot ratio of 1.6. Nearby in-

stitutions include the Singapore University of Social

Sciences (the former Singapore Institute of Manage-

ment) and Ngee Ann Polytechnic. The tender closes

on Jan 25, 2018.

Heeton to sell The Woodgrove at $55.85 milHeeton Holdings announced on Dec 5 that its sub-

sidiary is selling The Woodgrove at $55.85 million

to an unrelated Singapore-registered purchaser. This

falls below the independent valuation of $56 million

by Colliers International Consultancy and Valuation

(Singapore) on Nov 30.

The reasons given for the proposed disposal in-

clude the age of the property, which means it would

have to be refurbished and upgraded to compete with

larger retail developments in its vicinity. This would

have resulted in additional capital expenditure for the

group and loss of income, says Heeton.

The commercial development located at the junc-

tion of Woodlands Avenue 1 and Woodgrove Drive is

made up of a three-storey block that comprises shops,

restaurants and a wet market. The property has a 99-

year lease from June 26, 1996 and strata floor area

of 5,144 sq m.

Heeton estimates net gain on the proposed sale

of the property to be about $22 million, which it in-

tends to use to buy potential development property

and/or hospitality assets.

URA to launch tender for West Coast Vale Reserve List siteThe Urban Redevelopment Authority announced on

Dec 4 that it will put up the residential site at West

Coast Vale for sale by public tender. The land parcel

was made available in September, under the 2H2017

Government Land Sales (GLS) Programme.

According to URA, a developer committed to a

bid at a price of not less than $379.99 million in the

tender for the land parcel. The price works out to

$643.5 psf ppr, says Tricia Song, head of research at

Colliers International.

The 210,883 sq ft site has a 99-year tenure with a

maximum permissible GFA of 590,481 sq ft. An esti-

mated 730 dwelling units could be built there, says

URA. Song expects a top bid of between $443 mil-

lion and $472 million ($750 to $800 psf ppr), with a

selling price of $1,300 to $1,375 psf.

The site was triggered for sale despite the abun-

dant new and upcoming supply in the area, says

Song. “This is probably due to brisk sales at the 752-

unit Parc Riviera.”

The public tender for the site will be launched

about two weeks from Dec 4, says URA.

Singapore’s offices ‘high up on value chain’, says JLLSingapore’s premium office space is value-for-mon-

ey, according to JLL’s latest report on premium of-

fice rents across global rental locations. Among the

20 Asia-Pacific premium office locations tracked by

JLL, Singapore, with rents of US$84 psf ($113 psf)

a year, is ranked 14th in terms of rental cost psf.

Premium office rents in Hong Kong’s Central

were found to be the most expensive worldwide at

US$323 psf a year. This was followed by Midtown in

New York at US$194 psf a year and London’s West

End at US$193 psf a year. Comparable buildings in

New York’s Midtown and London’s West End were

found to cost nearly 70% less than those in Cen-

tral, Hong Kong.

Meanwhile, the most affordable locations for pre-

mium office space worldwide were Kuala Lumpur

(US$30 psf a year), Manila (US$35 psf a year) and

Bangkok (US$35 psf a year).

Asian cities in general were found to be home to

the world’s most expensive premium office space, with

rents coming in at an average of US$111 psf a year,

higher than the Americas (US$85), and Europe, the

Middle East and Africa combined (US$78). — Com-

piled by Timothy Tay and Angela Teo

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona Ho

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| BY ANGELA TEO |

The first phase of a portfolio of shophouses and a commercial building was put up for sale via a public tender exercise by their sole marketing agent JLL on Dec 5.

Comprising nine shophouses and a five-storey commercial building, the properties released in the first phase are located near the Singapore River (far right) — either within the Boat Quay Conservation Area or at a section of New Bridge Road that falls between Boat Quay and Clarke Quay. According to JLL, the buyer can acquire the assets individually or collectively. The tender for all nine properties will close on Jan 24, 2018.

Clemence Lee, associate director of capital markets at JLL, says the value of shophouses has been rising over the years owing to their conservation and heritage status and unique architecture.

Boat Quay Conservation Area clusterThe properties in the Boat Quay Conservation Area include a three-storey shophouse at 61 Boat Quay as well as a two-storey shophouse at 77 Boat Quay (right). Both come with waterfront views. The other properties in the area are 17, 45 and 46 Circular Road, which are all three-storey shophouses with an F&B component on the ground level. All five shophouses come with a 999-year lease and are fully tenanted.

Assets in the shophouse sector are tightly held, which means “opportunities of the profile and scale” of the cluster of properties at Boat Quay are considered “extremely

rare”, notes JLL’s Lee. The properties in this cluster are within walking distance of the Raffles Place MRT interchange and the Clarke Quay MRT station.

The two shophouses at 61 and 77 Boat Quay sit on land plots measuring 947 and 1,530 sq ft, respectively. According to JLL, the shophouse at 61 Boat Quay has a guide price of $9 million ($3,642 psf), based on its gross floor area of 2,471 sq ft. Meanwhile, 77 Boat Quay, which has a GFA of 3,702 sq ft, sports an indicative price tag of $12.6 million ($3,404 psf).

The shophouse at 17 Circular Road has an indicative price of $8 million ($3,343 psf), based on its GFA of 2,393 sq ft. It sits on a site measuring 950 sq ft. 45 and 46 Circular Road, which must be purchased together, have a total GFA of 5,879 sq ft. The two shophouses, which have a guide

price of $20.5 million ($3,487 psf), sit on a site measuring 2,575 sq ft.

New Bridge Road clusterComprising a corner block of four adjoining four-storey shophouses at 27 to 33 New Bridge Road and a five-storey commercial building at 23 New Bridge Road, the cluster is located in the heart of the CBD, says JLL.

According to the marketing agent, the property at 27 to 33 New Bridge Road — which comes with 99-year leases starting from 1934, 1936 and 1938 — has a guide price of $23 million, or $1,275 psf, based on its existing combined GFA of 18,034 sq ft. As for 23 New Bridge Road, it has an

indicative price tag of $18.5 million ($2,806 psf), based on its GFA of 6,594 sq ft.

The property at 27 to 33 New Bridge Road, which occupies 1,584 sq ft of land, could be redeveloped into a commercial building with a six-storey rear extension, says JLL. This could increase its GFA by an additional 11,546 sq ft, to a total of 29,580 sq ft.

Also up for sale is 23 New Bridge Road, which sits on land measuring 1,584 sq ft. With its 70m-wide main road frontage, the commercial building is ideal for redevelopment into an “iconic building” for office, co-working, hospitality, medical or entertainment purposes, says JLL.

JLL launches first phase of conservation shophouses portfolio for sale

PICT

URES

: JLL

EDGEPROP | DECEMBER 11, 2017 • EP3

MARKET WATCH

Price recovery at Sentosa Cove condos, but more could be put up for auction

| BY LIN ZHIQIN |

An auction by ERA on Dec

11 will see a 2,433 sq ft,

four-bedroom unit at Tur-

quoise put up for mortga-

gee sale at a guide price of

$3.7 million ($1,521 psf), about 41%

less than its $6.29 million ($2,586 psf)

purchase price in October 2007, ac-

cording to URA caveat data.

If the property goes under the ham-

mer at that price, it will join the 23

condominium units at Sentosa Cove

that have been sold at losses totalling

$30.6 million so far this year. Based on

the matching of URA caveat data as at

Dec 5 by EdgeProp, 58% of the transac-

tions this year were unprofitable deals,

with an average loss of $1.33 million

(21%). This is a slight improvement

over 2016, when 71% of the transac-

tions (15 out of 21) resulted in losses,

which averaged $1.35 million (23%).

The spate of losses notwithstand-

ing, prices have recovered at many of

the Sentosa Cove condos. According

to Alice Tan, director and head of con-

sultancy and research at Knight Frank

Singapore, overall prices for condos

at Sentosa Cove recovered by 15.9%

from 1Q2017 to 3Q2017, to an aver-

age of $1,593 psf. At the same time,

transaction volume surged 180% to

31 units, compared with 11 in the first

nine months of 2016 (see Chart 1).

With the recent exuberance in

the private residential market and

the record land prices achieved in

government land sales and col-

lective sale markets, “the average

prices (on psf basis) of Sentosa Cove

properties are looking increasingly

attractive”, says Tan. “Coupled with

the prestige, exclusivity and high

quality of Sentosa Cove properties,

homebuyers are returning to secure

non-landed homes on the island.”

This comes after three years of sub-

dued interest in Sentosa Cove properties,

notes Tan, who adds that the volume

of rental transactions also improved

23% y-o-y in 3Q2017. Sentosa Cove

condos appeal to tenants who desire a

unique waterfront lifestyle that is hard

to find elsewhere, she says, attribut-

ing the increase in leasing activity to

a mix of lifestyle appeal and the lower

rents in recent quarters (see Chart 2).

There was a modest rise in rents

at some projects in 3Q2017, says Tan,

which could be the beginning of a

“continuing revival into 2018 as over-

all market sentiment and economic

growth are slated to improve”.

Meanwhile, purchasing demand

appears to be driven by owner-oc-

cupiers who enjoy the serenity and

waterfront living, as well as inves-

tors looking for capital appreciation,

says Sharon Lee, director and head of

auction at Knight Frank Singapore.

There could be a ready supply of

units to match that demand. While

some owners could continue to hold

in anticipation of further price up-

side, others could be pressured by

interest rate hikes into selling, says

Tan. She estimates that up to eight

Sentosa Cove properties could be put

up for auction per quarter in 1H2018.

Out of the 29 Sentosa Cove prop-

erties put up for auction between

1Q2016 and 3Q2017, 14 were mortga-

gee sales, according to Knight Frank

Research, as were two that ended up

successfully auctioned.

The first is a 2,088 sq ft, third-floor

unit at Turquoise that was sold at an

auction by Knight Frank in May 2016.

It had an opening price of $2.86 mil-

lion and fetched $2.92 million ($1,399

psf). The previous owner had report-

edly paid $5.4 million for it.

The other is a 4,241 sq ft, four-bed-

room duplex penthouse at Seascape

that was sold at JLL’s auction in Oc-

tober 2016. It went for $6.35 million

($1,497 psf), which is 42% lower

than the $11 million ($2,594 psf) paid

by the previous owner in December

2011, according to URA caveat data.

ERA’s auction on Dec 11 will feature the mortgagee sale of a 2,433 sq ft, four-bedroom unit at Turquoise

A 4,241 sq ft, four-bedroom duplex penthouse at Seascape was sold at JLL’s auction in October 2016 for $6.35 million ($1,497 psf), 42% lower than its purchase price

In January, a 4,069 sq ft unit at

Seascape was put up for mortga-

gee sale at an opening price of $6.8

million but did not find a buyer. It

was subsequently sold at $6.2 mil-

lion ($1,524 psf) by private treaty in

February. According to URA caveat

data, the previous owner bought it

from the developer at $12.8 million

or $3,146 psf in June 2010.

Given that most of the owners pur-

chased their properties at fairly high

prices of above $2,500 psf, they are

likely to incur losses ranging from

30% to 40%, based on the trajec-

tory of transacted prices in Sentosa

Cove, says Lee. “For those who are

not able to keep up with loan repay-

ments, [their properties] will likely

be sold under mortgagee sale.” E

Chart 1

Chart 2

Overall prices for condos at Sentosa Cove rose 15.9% from 1Q2017 to 3Q2017

Rental transaction volume improved 23% y-o-y in 3Q2017

16

14

12

10

8

6

4

2

0

100908070605040302010

0

1800

1600

1400

1200

1000

800

600

400

200

0

No of units

No of leases

Average price ($ psf)

Average price ($ psf pm)

1Q20

15

1Q20

16

1Q20

17

3Q20

15

3Q20

16

3Q20

17

2Q20

15

2Q20

16

2Q20

17

4Q20

15

4Q20

16

1Q20

15

1Q20

16

1Q20

17

3Q20

15

3Q20

16

3Q20

17

2Q20

15

2Q20

16

2Q20

17

4Q20

15

4Q20

16

No of units

Average price ($ psf)

Note: Based on caveats lodged of Marina Collection, The Azure, The Berth, The Oceanfront and Turquoise as at Dec 5

Note: Based on the rental contracts of Marina Collection, The Azure, The Berth, The Oceanfront, and Turquoise as at Dec 5. Rental transactions of unit sizes that are more than 3,000 sq ft were excluded from the analysis.

4.003.903.803.703.603.503.403.303.203.10

No of leases Average rental ($ psf pm)

REA

LIS,

KN

IGHT

FRA

NK

RESE

ARCH

URA,

KN

IGHT

FRA

NK

RESE

ARCH

PICT

URES

: SAM

UEL

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UA/T

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GAP

ORE


INDUSTRY WATCH

Tender prices for Jiak Kim and Fourth Avenue sites set benchmark despite MAS warning| BY LIN ZHIQIN |

The close of the Jiak Kim Street

and Fourth Avenue Govern-

ment Land Sales (GLS) ten-

ders on Dec 5 saw 10 and

seven bids respectively, and

land prices reaching a new high in

both locations. This is despite the

Monetary Authority of Singapore’s

(MAS) warning on a possible over-

supply.

In its Financial Stability Review

released on Nov 30, MAS said the

redevelopment of the recent en

bloc sites and the supply from GLS

sites could add another 20,000 new

private housing units. “This will more

than double the number of unsold

units currently in the pipeline within

the next one to two years,” it notes.

There were more than 30,000 va-

cant private housing units in 3Q2017,

says MAS. Despite a decline in the

vacancy rate from the peak of 8.9%

in 2Q2016, it remains elevated at

8.4% in 3Q2017 compared with

5.2% in 1Q2013 and the historical

average of 6.5% over the past dec-

ade. “With slower population growth

and relatively high vacancy rates,

there is considerable uncertainty as

to whether the new supply coming

on stream can be fully absorbed by

the market,” says MAS.

Excluding commercial and white

sites, the top bid of $955.4 million,

or $1,733 psf per plot ratio (ppr),

submitted by Frasers Centrepoint

for the Jiak Kim Street site, is the

highest land price on a psf basis for

GLS sites sold, says Christine Li,

director of research at Cushman &

Wakefield. The second-highest bid

for the site that was previously oc-

cupied by Zouk, submitted by Hong

Leong, is only 0.57% lower, “one of

the lowest spreads in recent histo-

ry”, according to Li.

The top bid is 39.9% higher

than that paid for the Martin Place

GLS site in June 2016, which Guo-

coLand is developing into Martin

Modern. Li says the bid for the Jiak

Kim Street site translates into $1,580

psf ppr, including an additional 10%

bonus gross floor area (GFA). This

means Frasers Centrepoint is pricing

a slight increase of 6% to 7% into

the sale price of the future devel-

opment, based on the median sale

price of $2,343 psf at Martin Mod-

ern in October. “This is in line with

the market expectation that prices

of new homes will rise 5% to 10%

next year,” says Li.

Tricia Song, head of research for

Singapore at Colliers International,

expects a break-even cost of $2,400

to $2,450 psf for the project, and an

average price of $2,600 to $2,700

psf, which will be 10% higher than

Martin Modern’s median price in

October. “The bullish bids for the

Jiak Kim Street site came on the

back of its attractive attributes, the

limited supply of sites in the area

and brisk home sales in the vicini-

ty,” says Song, who notes that 186

of the 210 units launched at Martin

Modern have been sold since it was

launched in July.

“We believe the strong bids

will heavily influence the demand

and pricing of collective sale sites

in the city, including the iconic

Pearlbank Apartments in Outram,”

adds Song.

The 1.35ha Jiak Kim Street site

is located along the Singapore River

and flanked by the Grand Copthorne

Waterfront Hotel Singapore, Tri beca

and Mirage Tower. It is zoned “Res-

idential with 1st storey Commer-

cial” and has a maximum GFA of

551,478 sq ft, including a 16,146 sq

ft commercial component. Accord-

ing to URA, it can yield 525 units.

Along with the Fourth Av enue site,

the 99-year leasehold site was pre-

viously on the Reserve List of the

GLS programme. They were launched

for tender on Nov 2 and Oct 19 re-

spectively.

The tender results reflect devel-

opers’ preference for the Jiak Kim

Street site as it drew a higher num-

ber of participants and a top bid

that was 39% higher than its reserve

price, says Tay Huey Ying, head of

research and consultancy at JLL

Singapore. In comparison, the top

bid for the Fourth Avenue site was

23% higher than its reserve price.

However, the top bid of $552.96

million ($1,540 psf ppr) for the Fourth

Avenue site is still bullish, accord-

ing to Cushman & Wakefield’s Li,

as the new development will have

to be sold at around $2,250 psf.

Allgreen Properties won the ten-

der for the site, following its acqui-

sition of the freehold Crystal Tow-

er at $1,840 psf ppr and Royalville

at $1,960 psf ppr through collective

sales last week. The 1.85ha resi-

Bids for the Jiak Kim Street site

Bids for the Fourth Avenue site

RANKING DEVELOPER TENDER PRICE ($) PRICE PSF PPR ($)

1 Frasers Centrepoint 955,407,818 1,733

2 Hong Leong Holdings and Hong Realty 950,000,000 1,723

3 UOL Group and United Industrial Corp 940,215,000 1,705

4 China Overseas Holdings and China Construction 926,999,000 1,681

5 Allgreen Properties Ltd 926,428,206 1,680

6 City Developments Ltd and Logan Property 888,888,888 1,612

7 OUE, Far East Consortium Properties and New World Development 885,000,000 1,605

8 Far East Organization 855,777,000 1,552

9 GuocoLand 835,439,720 1,515

10 Wheelock Properties 731,000,000 1,326

RANKING DEVELOPER TENDER PRICE ($) PRICE PSF PPR ($)

1 Allgreen Properties Ltd 552,956,000 1,540

2 Bukit Sembawang Estates Ltd 542,203,000 1,510

3 City Developments Ltd, Hong Leong Holdings Ltd and Hong Realty 531,417,680 1,480

4 Far East Consortium Properties 520,645,700 1,450

5 Wing Tai Holdings 508,999,000 1,418

6 Cheung Kong Property Holdings 485,144,800 1,351

7 Hoi Hup Realty and Sunway Developments 485,000,000 1,351

E

TABL

ES: U

RA, J

LLPI

CTUR

ES: U

RA

Excluding commercial and white sites, Frasers Centrepoint’s top bid of $955.4 million ($1,733 psf ppr) for the Jiak Kim Street site is the highest land price on a psf basis for GLS sites sold, says Cushman & Wakefield’s Li

Li says the bid for the Jiak Kim Street site translates into $1,580 psf ppr, including an additional 10% bonus GFA

Allgreen Properties won the tender for the Fourth Avenue site at $552.96 million ($1,540 psf ppr)

dential site is adjacent to the Sixth

Avenue MRT station and about 300m

away from Royalville. It has a max-

imum GFA of 359,063 sq ft and can

accommodate around 455 units, ac-

cording to URA.

“Although most projects in the

locality are of freehold status, the

location of the Fourth Avenue site

is good enough to offset the lease-

hold status,” says Li. It is also close

to several reputable schools, such

as Nanyang Primary School, Raf-

fles Girls’ Primary School and Hwa

Chong Junior College, she adds.

CHRI

STIN

E LI


LUXURY

| BY CECILIA CHOW |

Last month, Christie’s International Real

Estate announced that it had expand-

ed its presence in Asia-Pacific with the

addition of two new affiliates in Japan

and Thailand. This brings its network in

Asia-Pacific to five countries, namely Australia,

Hong Kong, Japan, Singapore and Thailand.

“It was only over the last four years that we

have really expanded our presence in Asia,”

says Zackary Wright, Christie’s International

Real Estate executive director of Asia Pacific

and Western North America.

Priceless art and luxury real estate have

a common denominator: high-net-worth cli-

ents, says Wright.

Record salesNovember was a spectacular month for the

storied Christie’s auction house: Leonardo

da Vinci’s Salvator Mundi was sold for a re-

cord-breaking US$450.3 million ($607 million)

at Christie’s postwar and contemporary sale

in New York on Nov 15 after 19 minutes of in-

tense bidding by four bidders.

At Christie’s Hong Kong Fall Auction at

end-November, HK$3.43 billion ($591.7 mil-

lion) in sales were done under the hammer.

A 14.93-carat pink diamond, referred to by

Christie’s as “The Picasso of the Pink Dia-

mond world”, went for US$31.86 million,

or US$2.13 million per carat at Christie’s

Magnificent Jewels auction in Hong Kong

on Nov 28.

Several affiliates of Christie’s Internation-

al Real Estate from Asia, US and Europe flew

to Hong Kong in the week leading up to the

Fall Auction. “We literally had thousands of

people coming to the exhibition,” recounts

Wright. “We had the Christie’s International

Real Estate booth exhibiting alongside Chinese

contemporary art and the pink diamond.”

This is why Dave Loo, managing director of

SQFT Global Properties and Singapore Christie’s

International Real Estate, tries to hold a prop-

erty event in conjunction with Christie’s auc-

tions in Hong Kong. “It certainly helps create

awareness and gives us access to many more

international buyers,” he says.

According to Wright, there is a lot of syn-

ergy between luxury real estate and luxury

goods. Expanding Christie’s International Real

Estate’s network in Asia is a natural move

for the company as many of its buyers in the

US, Europe and the Middle East are Asian.

“We’re also interested in dealing with Asian

buyers in other markets globally, particularly

Chinese buyers,” says Wright. “Almost every-

where we are, they are our biggest buyers.”

Access to new marketsChristie’s International Real Estate wants to

handle the luxury property business on a lo-

cal and regional basis in Asia, where many

of the projects are specific to Asian buyers,

adds Wright.

In Japan, Christie’s International Real Es-

tate affiliate Japan Capital Realty operates in

Greater Tokyo and Kyoto. It will therefore tap

the demand from both local and internation-

al high-net-worth individuals as well as insti-

tutions that seek to buy or sell luxury homes

in Japan and abroad.

Bangkok-based Richmont’s Luxury Real

Estate is said to have been a market leader in

Thailand’s high-end real estate for more than

15 years. The firm will be rebranded Richmont

Christie’s International Real Estate to reflect

the affiliation.

“It definitely helps to have an affiliate in Ja-

pan,” says SQFT Global’s Loo. “Japan is a closed

market, and having someone who understands

the language and culture will certainly help.”

Loo founded SQFT Global in 2010. It spe-

cialises in marketing overseas properties. Since

then, the firm has established an extensive

network across the region — in China, Hong

Kong, Indonesia, Malaysia, Thailand and Tai-

wan. Japan is a market that SQFT Global is

yet to have a presence in.

SQFT Global participated in an event in Japan

recently, showcasing properties from Malaysia,

the Philippines and Thailand. There was a lot

of interest not just from individual Japanese

investors but also Japanese developers, who

are increasingly looking at developing prop-

erty overseas, notes Loo. “With an affiliate in

Japan, we can introduce Japanese developers

to those in overseas markets,” he points out.

CompetitionA competitor of Christie’s in the art auction

world is Sotheby’s. However, Sotheby’s Inter-

national Realty has inked a 100-year franchise

agreement with New York Stock Exchange-list-

ed real estate services provider Realogy Hold-

ing Corp that took effect from 2004. Besides

Sotheby’s International Realty, Realogy holds

the franchise for Better Homes and Gardens

Real Estate, Century 21, Coldwell Banker and

ERA as well.

In March, Sotheby’s International Realty

rolled out an Asia-wide strategy through its

affiliate, Japan’s Yokohama-based List Co, a

real estate developer, builder and brokerage

services company. List Sotheby’s International

Realty’s brokerage franchise started in Japan

in 2009 and then expanded to Oahu, Hawaii.

List Sotheby’s International Realty acquired

the franchise rights in Singapore in December

2015, followed by Thailand and Hong Kong. It

also owns the franchise in the Philippines, where

operations began last September. The Singapore

office officially opened in March, while that in

Hong Kong opened in September and the one

in Thailand is slated to open by year-end.

Christie’s, on the other hand, is owned by

billionaire François Pinault via his holding

company Artémis, which in turn controls Ker-

ing (formerly known as PPR) and owns lux-

ury brands such as Gucci, Saint Laurent and

Balenciaga.

Brand reputation“Christie’s auction house and our parent com-

pany are very sensitive about our brand,”

says Wright. “We can’t associate with anyone

who may ruin the reputation of our network.

So, we have to find local brokerages that are

like-minded and have the same ideals of trust,

market knowledge and willingness to uphold

the Christie’s brand.”

This year, Christie’s International Real Es-

tate also expanded its global reach to four oth-

er countries: the Czech Republic, Slovakia,

Mexico and Peru.

SQFT Global’s Loo became the Singapore

affiliate of Christie’s International Real Estate

in September 2013. Over the past four years,

Singapore Christie’s International Real Estate,

together with SQFT Global, has showcased

high-end properties such as Wheelock Prop-

erties’ Ardmore 3 and Scotts Square, Wing Tai

Holdings’ Le Nouvel Ardmore, Kajima Over-

seas Asia’s Bishopsgate Residences, City De-

velopments’ Gramercy Park and KOP Proper-

ties’ Ritz-Carlton Residences in roadshows in

Hong Kong. It has also showcased Bishopsgate

Residences and United Industrial Corp’s Mon

Jervois in Kuala Lumpur.

Singapore Christie’s International Real Es-

tate is also marketing luxury properties such as

the $48 million Copper House in Sentosa Cove.

Last year, it brokered the sale of a Good Class

Bungalow on Dalvey Road for $25.5 million.

Having the brand helps “in penetrating the

upper tier of the Singapore residential mar-

ket”, says Loo. E

Christie’s International Real Estate expands footprint in Asia with affiliates in Japan, Thailand

Loo: Having the brand helps in penetrating the upper tier of the Singapore residential market

Singapore Christie’s International Real Estate brought Bishopsgate Residences on roadshows in Hong Kong and Kuala Lumpur

The luxury homes in the prime Jervois and Bishopsgate neighbourhood

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ALTERNATIVE INVESTMENTS

QIP offers fixed-income investment in UK student housing project| BY CECILIA CHOW |

The continued uncertainty over the Brex-

it talks in the UK and the fluctuating

pound sterling has clouded the invest-

ment horizon of investors, particular-

ly “private wealth”, namely high-net-

worth individuals and family offices, says Peter

Young, CEO and co-founder of Singapore-based

boutique real estate fund manager Q Invest-

ment Partners (QIP).

In the middle of this year, QIP launched its

maiden project under its develop-operate-sell

model: a 284-bed, purpose-built student ac-

commodation in Sheffield, the UK. Roadshows

in Hong Kong and Singapore in June raised £9

million ($16 million) in equity for the devel-

opment. The minimum entry level for inves-

tors was £350,000, with a four- to five-year in-

vestment horizon. Investors can expect a 16%

annual non-compounding return, net of fees,

according to Young. The fund has closed, and

construction of the project, which is expected

to take about two years, has begun.

With the protracted uncertainty over the

Brexit talks, some investors who had pur-

chased residential properties five to 10 years

ago may reap gains upon selling these assets.

However, they are unable to realise their in-

vestment as the pound has weakened, and

doing so will mean incurring a net loss upon

currency conversion.

New optionRecognising the predicament such investors

are in, QIP is offering them an option to in-

vest in a shorter-term, fixed-income product

for its second student accommodation pro-

ject in 1Q2018. While investors can still opt

for the longer-term direct investment into the

develop-operate-sell model, there is a second

option for those with a shorter time horizon.

According to Young, the entry level is also low-

er, from £150,000, and an annual coupon rate

of about 8% will be paid in pounds.

This second student housing project is located

in Nottingham. It comprises 350 beds and has an

estimated gross development value of £35 mil-

lion. “The fixed-income product is tailored for

investors who are still holding on to the pound

sterling and looking at a shorter investment time

frame with stable returns,” says Young.

Glenn Howells Architects (GHA), famous

for its design of the 27-storey Urbanest student

housing tower at King’s Cross and the student

housing at Leamington Spa old town, is the

appointed architect for the student accommo-

dation project in Nottingham.

Potential in build-to-rent marketBesides purpose-built student accommodation,

QIP sees potential in the build-to-rent sector.

According to the British Property Federation’s

latest figures, there are 95,918 build-to-rent

units either completed or planned across the

UK, including 17,001 completed and 24,012

under construction, and a further 54,905 with

planning permission. Of the 95,918 build-to-

rent units, 54,978 (57%) are in London, and

40,940 outside of London. BPF is projecting

that the build-to-rent market could drive prop-

erty investment to £70 billion by 2022 and sup-

ply is projected to hit 240,000 units by 2030.

According to QIP’s Young, the firm will look

at the build-to-rent market in London and fo-

cus on projects with gross development val-

ue of up to £50 million. It will also adopt the

same develop-operate-sell model for its build-

to-rent projects as that for its purpose-built stu-

dent accommodation projects.

“Institutional investors are still investing

in the UK real estate market as it’s still per-

ceived as an attractive asset class over the long

term with the added benefit of the weaker

pound,” notes Young. “High-net-worth inves-

tors behave differently. As long as visibility is

unclear, they are less willing to make a long-

term bet on the market.” As a result, QIP had

to change its fundraising strategy in its next

project in response to the way these individ-

ual investors look at returns.

With the Singapore property market, espe-

cially the residential sector, recovering, some

of the high-net-worth investors have also start-

ed to relook at investing in the local market.

“I think it’s starting to happen,” says Young.

“The en bloc sales have excited everyone, and

the Singapore market is looking more positive.

However, that hasn’t affected investor interest

in the UK market.”

Young: The fixed-income product is tailored for investors who are still holding on to the pound ster-ling and looking at a shorter investment time frame with stable returns

Lounge area in a student housing development designed by GHA

On-site restaurant at a student housing development designed by GHA

Outdoor communal space at a sudent housing development designed by GHA

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COVER STORY

| BY CECILIA CHOW |

On a recent Friday at Bugis Cube, F&B

outlets such as Jadeite Vegetarian Res-

taurant and Bistro, My Favourite Café

Yong Tau Foo, The Ark Music Café

and Xin Hao Ramen were bustling

at lunchtime. In the evenings, HaveFun Family

KTV Lounge on the sixth floor, and pubs such

as Tipsy, De Luxy and the newly opened One

Infinity on the fifth floor, come alive.

Also within the six-storey mall are a bak-

ery, sports therapy practice and two dance

studios, Live 24 and Studio Wu. Incidentally,

Studio Wu has turned one of its studios into a

co-working space during the day. About 50%

of the tenants at the mall are “wellness cen-

tres” such as beauty, hair and nail salons as

well as massage centres and spas.

Bugis Cube’s occupancy rate is over 90%

today, says Victor Ng, vice-chairman and sec-

retary of the Management Corporation Strata

Title (MCST) committee. It is a far cry from

four years ago when Ng and his fellow stra-

ta unit owners first took possession of their

units. “The escalators were not working, and

the lifts were still the original old ones,” re-

counts Ng, a private investor and founder of

private equity firm SAASH Capital, who owns

several units at Bugis Cube.

Like Ng, many of the strata unit owners

could not find tenants in the first year. Many

of the owners on the upper floors initially had

asking rents of around $20 psf, but had to drop

them to $5 to $7 psf per month in order to at-

tract tenants. Even then, many of the units re-

mained vacant for at least a year. The occu-

pancy rate in the first two years was hovering

at around 10%, says Ng.

Today, the rental rates on the lower floors

are around $15 to $20 psf per month, while

those on the upper floors are in the $10 to $15

psf range. “While rents have improved from

four years ago, they are still very affordable,”

says Ng.

Taking actionIt has taken four years of hard work by the man-

agement committee to turn the mall around.

Leading the charge have been Ng and chair-

man of the management committee, Henry

“Happy” Mok.

“Despite Bugis Cube being a strata-titled

mall, the owners are very united,” says Ng.

“We decided that filling the mall and increas-

ing foot traffic was more important than rents

in the initial years. This strategy worked for

us and we are now one of the better, if not the

best, performing strata-titled malls.”

In 2013 and 2014, Ng and the committee

members organised pop-up shoe fairs on week-

ends. He also invited his friends who were

yoga enthusiasts to conduct free yoga class-

es on weekends. Ng himself became a dee-

jay and played music all day in order to draw

people to the mall. But they knew an anchor

tenant was needed to draw people in, says Ng.

When the investors first bought units at

Bugis Cube, they were given the impression

that the mall would be anchored by an edu-

cation centre on the sixth floor. In the neigh-

bourhood are schools such as Boston Busi-

ness School, City College Singapore, SAT

Preparatory School and University of Nevada,

Las Vegas Singapore, which cater to interna-

tional students. Also in the vicinity are Nan-

yang Academy of Fine Arts, LaSalle College

of the Arts, School of the Arts and Lee Kong

Chian School of Business — Singapore Man-

agement University.

For much of 2013 and 2014, however, the

sixth floor remained vacant. The owner of the

entire unit on the sixth floor was Griffin Real

Estate, which had purchased the North Bridge

Commercial Complex for $46 million in 2009.

It had then refurbished the building, renamed

it Bugis Cube and subsequently, sub-divided

the units for sale to about 90 individual inves-

tors including Ng.

Griffin Real Estate was in turn managed by

Gryphon Capital Management, whose share-

holder is ERC Holdings. The founder and chief

executive of ERC Holdings is Andy Ong, who

was being sued along with two associates by

Sakae Holdings. In April this year, Sakae won

a major legal victory against the three when

a judge found Ong to be “in breach of his fi-

duciary duties to Sakae”, and Griffin Real Es-

tate was ordered to be liquidated.

Anchor tenant, increasing footfallsThe sixth level of Bugis Cube has been put

into receivership. However, in early 2015,

Flint Lu, a 37-year-old mainland Chinese

businessman and Singapore permanent resi-

dent, signed a three-year lease after viewing

the unit. He spent four to five months fitting

out the space of about 20,000 sq ft and in-

stalling the latest light and sound systems, at

a total cost of $2 million.

His HaveFun Family KTV is the anchor ten-

ant at Bugis Cube. According to Lu, he recov-

An active management committee strived to fill the struggling six-storey strata-titled mall. Its success is perhaps a lesson for other strata-titled commercial complexes suffering from low footfall.

Turnaround for BUGIS CUBE


COVER STORY

ered his investment within 1½ years. Even

though he runs “a full house”, with three

rounds per room, on weekends, he feels the

weekday usage can be improved. This is be-

cause on weekdays, the crowd comes in only

after 10pm, he says.

The owner of Twinstar Logistics company

in Singapore, Lu brought the Voice of China

show to Singapore in 2015. Incidentally, he

was also a contestant. Lu likes the location

of Bugis Cube as the Bugis neighbourhood is

popular with international students and new

Chinese citizens to Singapore. “About 40% to

45% of our business is from new Chinese citi-

zens and foreign students,” he says. Lu is now

looking at renewing his lease and is hoping to

get “a better rental rate”, he adds.

The management committee is hoping that

HaveFun Family KTV will renew its lease and

remain the anchor tenant.

Collective sale as an exit strategyNg feels that more F&B tenants are needed to

increase footfall to Bugis Cube. “F&B currently

makes up about 15% of the tenant mix, and I

think we should have more,” he says.

Having spruced up the main entrance and

installed new lifts, the management commit-

tee is now in talks with Keppel DHCS (part

of Keppel Infrastructure) to replace the entire

air-conditioning system in the building.

Bugis Cube has a gross floor area of 66,608

sq ft, with another 11,614 sq ft designated as

the car park. At the prevailing rental rates, Ng

reckons the property has a gross rental yield

of about 3% to 5%.

At an extraordinary general meeting on

April 26, about 70% of the owners who at-

tended agreed to a collective sale. Ng was

designated as chairman of the collective sale

committee. Cushman & Wakefield was ap-

pointed to help the committee in the collec-

tive sale process. At this stage, no reserve

price has been set yet.

The most recent transaction of a strata unit

at Bugis Cube was for a 355 sq ft unit on the

fourth floor that changed hands for $1 million

($2,815 psf), according to a caveat in October.

The previous owner had paid $1.34 million

($3,759 psf) for the unit in July 2012 when

units were first launched for sale.

Prior to that, the last transaction was two

years ago, when a 301 sq ft unit on the second

level was sold for $1.03 million ($3,417 psf),

according to a caveat lodged in August 2015.

The unit last changed hands for $1.39 million

($4,598 psf) in September 2012.

“These transactions were not distressed

sales,” Ng emphasises. “The owners were

reallocating their portfolios.” Bugis Cube’s

location in the heart of the Bugis precinct is

still a main selling point as it is within walk-

ing distance of two MRT interchange stations,

namely Bugis and City Hall with access to

three MRT lines, namely East-West, Down-

town and North-South. “Well-located, 999-

year leasehold commercial assets are hard to

come by,” Ng adds.

While he hopes to ride the collective sale

wave, “The majority of collective sales this

year are residential,” Ng notes. If Bugis Cube

is put on the market, he reckons it could at-

tract property players in the hospitality, enter-

tainment and lifestyle services business. “The

property is ideal as a niche hotel with new food

and entertainment concepts.”

Restaurants on the first level of Bugis Cube. F&B currently makes up only 15% of the tenant mix.

Lu: About 40% to 45% of our business is from new Chinese citizens and foreign students

Ng: Despite Bugis Cube being a strata-titled mall, the owners are very unitedThe Ark Music Cafe and My Favourite Café Yong Tau Fu on the second level of Bugis Cube

The F&B outlets on the first level of Bugis Cube enjoy a good dinner crowd

The bigger of two VVIP rooms at HaveFun Family KTV, the anchor tenant at Bugis Cube

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Singapore — by postal districtLOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28

Residential transactions with contracts dated Nov 21 to 28

District 1 V ON SHENTON Apartment 99 years 11/23/2017 1,528 3,800,000 - 2,486 2017 New SaleDistrict 2 ALTEZ Apartment 99 years 11/23/2017 603 1,260,000 - 2,090 2014 ResaleSKYSUITES@ANSON Apartment 99 years 11/22/2017 700 1,385,000 - 1,980 2014 ResaleSPOTTISWOODE 18 Apartment Freehold 11/28/2017 506 970,000 - 1,917 2014 ResaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/22/2017 861 3,185,700 - 3,699 2017 New SaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/22/2017 958 3,832,000 - 4,000 2017 New SaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years 11/23/2017 646 2,261,000 - 3,501 2017 New SaleDistrict 3 ARTRA Apartment 99 years 11/21/2017 1,044 1,929,100 - 1,848 Uncompleted New SaleARTRA Apartment 99 years 11/22/2017 1,044 1,929,100 - 1,848 Uncompleted New SaleARTRA Apartment 99 years 11/24/2017 1,044 1,937,300 - 1,855 Uncompleted New SaleARTRA Apartment 99 years 11/26/2017 1,227 1,961,000 - 1,598 Uncompleted New SaleARTRA Apartment 99 years 11/26/2017 1,227 1,977,300 - 1,611 Uncompleted New SaleARTRA Apartment 99 years 11/26/2017 1,119 1,834,600 - 1,639 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,130 1,950,000 - 1,725 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,152 1,950,000 - 1,693 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years 11/21/2017 1,130 1,950,000 - 1,725 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years 11/26/2017 1,227 1,950,000 - 1,589 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years 11/24/2017 764 1,406,000 1,401,000 1,833 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years 11/25/2017 764 1,409,000 - 1,844 Uncompleted New SaleQUEENS Condominium 99 years 11/21/2017 1,410 1,650,000 - 1,170 2002 ResaleQUEENS PEAK Condominium 99 years 11/22/2017 936 1,602,870 - 1,712 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/22/2017 840 1,438,200 - 1,713 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 861 1,548,360 - 1,798 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 861 1,489,000 - 1,729 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 840 1,517,760 - 1,808 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 1,507 2,470,440 - 1,639 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 1,001 1,704,420 - 1,703 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 936 1,524,090 - 1,627 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/23/2017 840 1,431,060 - 1,704 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/24/2017 840 1,532,040 - 1,825 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/24/2017 775 1,301,000 - 1,679 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/24/2017 1,055 1,836,000 - 1,740 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/24/2017 947 1,480,000 - 1,562 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/24/2017 775 1,280,000 - 1,652 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/25/2017 850 1,440,240 - 1,694 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/25/2017 840 1,539,180 - 1,833 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/25/2017 807 1,393,000 - 1,726 Uncompleted New Sale

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

QUEENS PEAK Condominium 99 years 11/25/2017 936 1,536,000 - 1,640 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/25/2017 936 1,531,160 - 1,635 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 775 1,323,000 - 1,707 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 807 1,387,000 - 1,718 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 807 1,399,000 - 1,733 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 775 1,245,000 - 1,606 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 775 1,264,000 - 1,631 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 1,001 1,725,840 - 1,724 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 861 1,433,100 - 1,664 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 840 1,452,480 - 1,730 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 807 1,266,000 - 1,568 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 807 1,309,000 - 1,621 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 947 1,466,760 - 1,548 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 947 1,445,340 - 1,526 Uncompleted New SaleQUEENS PEAK Condominium 99 years 11/26/2017 1,055 1,850,280 - 1,754 Uncompleted New SaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years 11/24/2017 1,367 1,890,000 - 1,383 2009 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years 11/22/2017 893 1,380,000 - 1,545 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years 11/21/2017 1,572 3,388,000 - 2,156 2016 ResaleHARBOUR VIEW TOWERS Condominium 99 years 11/23/2017 1,249 1,330,000 - 1,065 1994 ResaleHARBOUR VIEW TOWERS Condominium 99 years 11/24/2017 797 980,000 - 1,230 1994 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years 11/24/2017 1,507 2,439,720 - 1,619 2011 ResaleTHE BERTH BY THE COVE Condominium 99 years 11/22/2017 1,604 2,100,000 - 1,309 2006 ResaleTHE INTERLACE Condominium 99 years 11/22/2017 1,905 2,100,000 - 1,102 2013 ResaleDistrict 5 BLUE HORIZON Condominium 99 years 11/22/2017 1,163 1,208,000 - 1,039 2005 ResaleMONTEREY PARK CONDOMINIUM Condominium 999 years 11/21/2017 1,141 1,200,000 - 1,052 2005 ResaleONE-NORTH RESIDENCES Apartment 99 years 11/23/2017 592 850,000 - 1,436 2009 ResalePARC RIVIERA Condominium 99 years 11/25/2017 990 1,273,000 - 1,285 Uncompleted New SalePASIR VIEW PARK Condominium Freehold 11/28/2017 1,464 1,565,000 - 1,069 1994 ResaleREGENT PARK Condominium 99 years 11/28/2017 980 900,000 - 919 1997 ResaleTHE CLEMENT CANOPY Apartment 99 years 11/22/2017 1,109 1,558,000 - 1,405 Uncompleted New SaleTHE CLEMENTVALE Terrace 99 years 11/21/2017 3,875 1,880,000 - 485 2001 ResaleTHE GRANDHILL Condominium Freehold 11/21/2017 1,410 1,600,000 - 1,135 2006 ResaleTHE PARC CONDOMINIUM Condominium Freehold 11/23/2017 1,216 1,600,000 - 1,315 2010 ResaleTHE PARC CONDOMINIUM Condominium Freehold 11/28/2017 980 1,272,888 - 1,299 2010 ResaleTHE TRILINQ Condominium 99 years 11/21/2017 1,109 1,368,000 - 1,234 2017 New SaleTHE TRILINQ Condominium 99 years 11/21/2017 1,345 1,656,000 - 1,231 2017 New SaleTHE TRILINQ Condominium 99 years 11/21/2017 538 896,000 - 1,665 2017 New SaleTHE TRILINQ Condominium 99 years 11/22/2017 1,335 1,398,000 - 1,047 2017 New SaleVILLA DE WEST Condominium Freehold 11/21/2017 947 1,055,000 - 1,114 1995 ResaleWEST COAST GARDENS Terrace 956 years 11/23/2017 2,874 2,800,000 - 975 1976 ResaleDistrict 8 CAVAN SUITES Apartment Freehold 11/21/2017 344 580,000 - 1,684 2012 ResaleCITYSCAPE @FARRER PARK Condominium Freehold 11/24/2017 1,163 1,628,000 - 1,400 2014 ResaleFORTE SUITES Apartment Freehold 11/25/2017 678 1,232,100 - 1,817 2016 New SaleDistrict 9 2 RVG Apartment Freehold 11/21/2017 689 1,200,000 - 1,742 2006 ResaleDUBLIN LODGE Terrace Freehold 11/22/2017 2,562 4,650,000 - 1,815 1987 ResaleMARTIN MODERN Condominium 99 years 11/21/2017 872 2,052,330 - 2,354 Uncompleted New SaleMARTIN MODERN Condominium 99 years 11/25/2017 872 2,070,600 - 2,375 Uncompleted New SaleMARTIN MODERN Condominium 99 years 11/26/2017 1,798 4,511,282 - 2,510 Uncompleted New SaleMARTIN PLACE RESIDENCES Condominium Freehold 11/27/2017 1,044 2,180,000 - 2,088 2011 ResaleNOMU Apartment Freehold 11/24/2017 1,389 2,850,000 - 2,052 2009 ResaleRESIDENCES @ KILLINEY Apartment Freehold 11/21/2017 1,625 2,880,000 - 1,772 2012 ResaleRIVERIA GARDENS Apartment Freehold 11/23/2017 969 1,780,000 - 1,837 2010 ResaleSCOTTS HIGHPARK Condominium Freehold 11/27/2017 3,466 5,775,000 - 1,666 2009 ResaleSCOTTS SQUARE Apartment Freehold 11/23/2017 624 2,000,000 - 3,204 2011 ResaleSCOTTS SQUARE Apartment Freehold 11/24/2017 624 2,113,700 - 3,386 2011 ResaleSOPHIA HILLS Condominium 99 years 11/23/2017 980 2,187,000 - 2,233 Uncompleted New SaleSOPHIA HILLS Condominium 99 years 11/26/2017 700 1,357,000 - 1,940 Uncompleted New SaleSOPHIA HILLS Condominium 99 years 11/26/2017 570 1,183,000 - 2,074 Uncompleted New SaleSUITES AT ORCHARD Apartment 99 years 11/21/2017 549 1,250,000 - 2,277 2014 ResaleTHE LIGHT @ CAIRNHILL Condominium Freehold 11/24/2017 1,722 3,450,000 - 2,003 2004 ResaleTHE LIGHT @ CAIRNHILL Condominium Freehold 11/28/2017 2,024 4,050,000 - 2,001 2004 ResaleTHE TRILLIUM Condominium Freehold 11/21/2017 1,399 2,900,000 - 2,072 2010 ResaleTIARA Condominium Freehold 11/24/2017 1,561 2,650,000 - 1,698 1995 ResaleDistrict 10 ARDMORE PARK Condominium Freehold 11/23/2017 2,885 8,600,000 - 2,981 2001 ResaleCORONATION GROVE Condominium 999 years 11/21/2017 1,249 1,750,000 - 1,402 1985 ResaleDUCHESS CREST Condominium 99 years 11/21/2017 1,496 1,790,000 - 1,196 1998 ResaleDUCHESS CREST Condominium 99 years 11/21/2017 936 1,150,000 - 1,228 1998 ResaleGALLOP GABLES Condominium Freehold 11/23/2017 2,131 3,400,000 - 1,595 1997 ResaleGLENTREES Condominium 999 years 11/22/2017 2,594 3,500,000 - 1,349 2005 ResaleGRANGE RESIDENCES Condominium Freehold 11/21/2017 2,669 6,800,000 - 2,547 2004 ResaleLEEDON RESIDENCE Condominium Freehold 11/24/2017 6,125 12,000,000 - 1,959 2015 ResaleCORONATION ROAD WEST Semi-Detached Freehold 11/21/2017 4,736 8,000,000 - 1,690 Unknown ResaleCLUNY HILL Detached Freehold 11/23/2017 15,102 35,500,000 - 2,350 2012 Resale


| BY TIMOTHY TAY |

Three units at the 99-year leasehold Mar-tin Modern, in prime district 9, were sold

between Nov 21 and 28. One of them was

a 1,798 sq ft, four-bedroom unit on the

17th floor that was sold for $4.51 million

($2,510 psf), according to a caveat lodged on Nov

26. The two other units sold, 872 sq ft, two-bed-

ders on the 11th and 17th floors, fetched $2.05

million ($2,354 psf) and $2.07 million ($2,375

psf), respectively. According to GuocoLand, 211

units in the 450-unit high-end condominium

had been sold as at Dec 5, bringing the take-up

rate to 47%.

Buying interest in Martin Modern is likely to

pick up further in light of the recent winning bid

submitted for the Jiak Kim Street government

land sale site tender that closed on Dec 5. The

highest bid of $955.4 million ($1,733 psf per plot

ratio (ppr)) from Frasers Centrepoint is 39.9%

higher than the price GuocoLand paid for Mar-

tin Modern’s site.

Tricia Song, head of research for Singa-

pore at Colliers International, expects an av-

erage selling price of $2,600 to $2,700 psf

for the future development. This is around

10% higher than the median price of $2,343

psf for 47 units at Martin Modern that were

sold in October.

According to Christine Li, director of re-

search at Cushman & Wakefield, this is in

line with market expectations that new home

prices will rise about 5% to 10% next year.

After the launch of the Jiak Kim Street site

in October, prices at Martin Modern rose

from about $2,152 psf to $2,564 psf last

month, notes Li.

Even resale prices and transaction volume at

Martin Place Residences had risen in October

and November, when four units changed hands.

These ranged from $1.43 million for a 592 sq

ft, one-bedroom unit on the 31st floor to $3.6

million for a 1,722 sq ft, three-bedroom-plus-

study unit on the 20th floor. In terms of price

psf, the range was from $2,059 to $2,415 psf.

Queens Peak on Dundee Road saw 34 units

sold in just one week, from Nov 21 to 28. Total

sales for the month was 64 units at an average

price of $1,685 psf, based on caveats lodged

so far. This means the 736-unit project linked

to the Queenstown MRT station is 76% sold.

Prices of units sold in the last week of No-

vember ranged from $1.25 million for a 1,055

sq ft, three-bedroom unit to $2.47 million for a

1,507 sq ft, four-bedroom unit on the 43rd lev-

el. Price psf ranged from $1,548 to $1,833 psf.

According to property consultants, the spike

in transactions is also a reaction to GLS sites

sold in the neighbourhood. For instance, the

site at Stirling Road, which was purchased by

the joint venture between Chinese developers

Nanshan Group and Logan Property for $1 bil-

lion ($1,051 psf ppr). When the site was pur-

chased in May, Nicholas Mak, executive di-

rector of ZACD Group, had estimated that the

selling price would be above $1,780 psf. This

is already above the average transacted price

at Queens Peak in November. E

Sales at Martin Modern, Queens Peak spike in reaction to sales of GLS sites

DONE DEALS

Forty-seven per cent of the 450 units at Martin Modern have already been snapped up

ALB

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CHUA

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APO

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Residential transactions with contracts dated Nov 21 to 28


PRINCESS OF WALES PARK Semi-Detached Freehold 11/21/2017 3,961 6,800,000 - 1,718 1978 ResaleSHAMROCK PARK Terrace Freehold 11/21/2017 2,486 4,850,000 - 1,950 Unknown ResaleSOMMERVILLE PARK Condominium Freehold 11/23/2017 1,948 3,088,000 - 1,585 1985 ResaleTANGLIN REGENCY Condominium 99 years 11/23/2017 850 1,080,000 - 1,270 1998 ResaleTHE ASANA Apartment Freehold 11/25/2017 635 1,709,316 - 2,692 Uncompleted New SaleTHE LEGEND Condominium Freehold 11/22/2017 1,496 1,950,000 - 1,303 1996 ResaleTHE LEGEND Condominium Freehold 11/27/2017 2,228 3,200,000 - 1,436 1996 ResaleTHE TRESOR Condominium 999 years 11/28/2017 2,616 3,980,000 - 1,522 2007 ResaleTHE TRIZON Condominium Freehold 11/24/2017 2,443 3,033,888 - 1,242 2012 ResaleTHREE BALMORAL Apartment Freehold 11/23/2017 1,528 3,337,400 - 2,183 2016 ResaleWATERFALL GARDENS Condominium Freehold 11/27/2017 1,830 2,825,000 - 1,544 2010 ResaleDistrict 11 26 NEWTON Apartment Freehold 11/28/2017 775 2,092,024 - 2,699 2016 Resale6 DERBYSHIRE Condominium Freehold 11/24/2017 474 1,292,750 - 2,730 2017 Resale6 DERBYSHIRE Condominium Freehold 11/27/2017 829 1,972,904 - 2,380 2017 Resale6 DERBYSHIRE Condominium Freehold 11/27/2017 829 1,986,705 - 2,397 2017 Resale6 DERBYSHIRE Condominium Freehold 11/27/2017 829 2,014,196 - 2,430 2017 Resale6 DERBYSHIRE Condominium Freehold 11/27/2017 829 2,055,488 - 2,480 2017 ResaleJALAN PANDAN Semi-Detached Freehold 11/21/2017 4,672 6,650,000 - 1,424 1972 ResaleNINETEEN SHELFORD ROAD Condominium Freehold 11/23/2017 947 1,408,000 - 1,486 1997 ResalePARK INFINIA AT WEE NAM Condominium Freehold 11/24/2017 1,690 3,211,000 - 1,900 2008 ResaleSKY@ELEVEN Condominium Freehold 11/22/2017 2,713 4,300,000 - 1,585 2010 ResaleSOLEIL @ SINARAN Condominium 99 years 11/28/2017 581 1,035,000 - 1,781 2011 ResaleTHE GLYNDEBOURNE Condominium Freehold 11/28/2017 1,959 4,150,000 - 2,118 2013 ResaleTHE GREENWOOD Terrace Freehold 11/22/2017 1,744 3,900,000 - 2,238 2004 ResaleTHE GREENWOOD Terrace Freehold 11/27/2017 2,164 4,728,000 - 2,186 2006 ResaleZEDGE Apartment Freehold 11/22/2017 495 760,000 - 1,535 2010 ResaleDistrict 12 CHELSEA GROVE Apartment Freehold 11/24/2017 3,444 2,050,000 - 595 2007 ResaleGEM RESIDENCES Condominium 99 years 11/21/2017 947 1,414,710 - 1,494 Uncompleted New SaleGEM RESIDENCES Condominium 99 years 11/22/2017 980 1,359,000 - 1,387 Uncompleted New SaleGEM RESIDENCES Condominium 99 years 11/24/2017 980 1,501,000 - 1,532 Uncompleted New SalePINNACLE 16 Apartment Freehold 11/27/2017 581 850,000 - 1,462 2006 ResalePRESTIGE HEIGHTS Apartment Freehold 11/23/2017 409 622,000 - 1,521 2011 ResaleRIVIERA 38 Apartment 999 years 11/22/2017 883 1,060,000 - 1,201 2014 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years 11/27/2017 829 1,128,000 - 1,361 2016 ResaleBLOSSOMS @ WOODLEIGH Condominium Freehold 11/24/2017 1,722 1,890,000 - 1,097 2007 ResaleE MAISON Apartment Freehold 11/24/2017 1,152 1,518,336 - 1,318 2016 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold 11/23/2017 883 1,600,000 - 1,806 Unknown ResaleMACPHERSON GARDEN ESTATE Terrace Freehold 11/27/2017 1,636 2,190,000 - 1,339 Unknown ResaleSOMMERVILLE ROAD Semi-Detached Freehold 11/27/2017 5,167 5,450,000 - 1,056 1987 ResaleNIN RESIDENCE Apartment 99 years 11/21/2017 1,281 1,560,000 - 1,218 2014 ResaleNIN RESIDENCE Apartment 99 years 11/21/2017 635 857,800 - 1,351 2014 ResalePARC ASTON Apartment Freehold 11/23/2017 1,163 1,350,000 - 1,161 2011 ResaleDistrict 14 ATRIUM RESIDENCES Apartment Freehold 11/21/2017 2,303 1,500,000 - 651 2008 ResaleCENTRA RESIDENCE Apartment Freehold 11/21/2017 581 710,000 - 1,221 2014 ResaleDAKOTA RESIDENCES Condominium 99 years 11/22/2017 1,830 2,650,000 - 1,448 2010 ResaleEXCELLENCE MANSIONS Apartment Freehold 11/22/2017 1,238 1,300,000 - 1,050 1991 ResaleGUILIN COURT Apartment Freehold 11/21/2017 1,163 910,000 - 783 1995 ResaleGUILLEMARD EDGE Apartment Freehold 11/23/2017 861 838,000 - 973 2014 ResaleMELOSA Apartment Freehold 11/24/2017 431 567,000 - 1,317 2013 ResaleMORO MANSIONS Apartment Freehold 11/22/2017 1,195 1,200,000 - 1,004 1993 ResaleREZI 35 Apartment Freehold 11/24/2017 441 710,000 - 1,609 Uncompleted New SaleSIMS MEADOWS Apartment Freehold 11/22/2017 1,862 1,365,000 - 733 2002 ResaleSIMS URBAN OASIS Condominium 99 years 11/25/2017 958 1,491,300 - 1,557 2017 New SaleSIMS URBAN OASIS Condominium 99 years 11/26/2017 1,023 1,446,200 - 1,414 2017 New SaleTHE SUNNY SPRING Apartment Freehold 11/24/2017 1,109 1,168,000 - 1,053 1998 ResaleTHE TRUMPS Condominium 99 years 11/27/2017 1,292 1,300,000 - 1,006 2005 ResaleTRE RESIDENCES Condominium 99 years 11/22/2017 861 1,206,000 - 1,401 Uncompleted New SaleVACANZA @ EAST Condominium Freehold 11/27/2017 1,259 1,430,000 - 1,135 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years 11/24/2017 624 1,120,000 - 1,794 2013 ResaleWING FONG COURT Apartment Freehold 11/22/2017 1,055 770,000 - 730 1997 ResaleYONG SENG ESTATE Terrace Freehold 11/21/2017 1,894 2,500,000 - 1,323 Unknown ResaleYONG SENG ESTATE Terrace Freehold 11/27/2017 2,809 2,503,888 - 892 Unknown ResaleDistrict 15 AMBER RESIDENCES Condominium Freehold 11/24/2017 1,249 1,970,000 - 1,578 2011 ResaleBLU CORAL Condominium Freehold 11/24/2017 2,002 1,620,000 - 809 2009 ResaleCOSTA RHU Condominium 99 years 11/27/2017 1,561 1,220,000 - 782 1997 ResaleESPIRA SPRING Apartment Freehold 11/24/2017 1,539 1,450,000 - 942 2009 ResaleFRANKEL ESTATE Semi-Detached Freehold 11/21/2017 2,153 3,330,000 - 1,548 2000 ResaleFULCRUM Condominium Freehold 11/24/2017 1,345 2,652,566 - 1,971 2016 ResaleMANDARIN GARDENS Condominium 99 years 11/23/2017 732 741,888 - 1,014 1986 ResaleMARINE BLUE Condominium Freehold 11/23/2017 732 1,434,030 - 1,959 2016 ResaleMAYFAIR RESIDENCES Apartment Freehold 11/24/2017 1,227 1,820,000 - 1,483 2017 New SaleDUKU ROAD Terrace Freehold 11/21/2017 1,615 2,700,000 - 1,677 1985 ResaleEVERITT ROAD Terrace Freehold 11/28/2017 1,701 2,600,000 - 1,532 1996 ResaleOPERA ESTATE Terrace Freehold 11/27/2017 1,389 1,750,000 - 1,256 Unknown ResalePEBBLE BAY Condominium 99 years 11/24/2017 1,367 1,750,000 - 1,280 1997 ResaleSEASIDE RESIDENCES Apartment 99 years 11/22/2017 678 1,223,000 - 1,803 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years 11/22/2017 592 1,052,000 - 1,777 Uncompleted New SaleTHE LUCENT Apartment Freehold 11/21/2017 1,561 1,850,000 - 1,185 2011 ResaleTHE LUCENT Apartment Freehold 11/24/2017 1,001 1,245,000 - 1,244 2011 ResaleTHE WATERSIDE Condominium Freehold 11/21/2017 2,400 4,150,000 - 1,729 1992 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years 11/27/2017 893 828,000 - 927 2001 ResaleBAYSHORE PARK Condominium 99 years 11/24/2017 1,292 1,210,000 - 937 1986 ResaleBEDOK RESIDENCES Apartment 99 years 11/22/2017 2,680 2,930,000 - 1,093 2015 ResaleBEDOK RESIDENCES Apartment 99 years 11/27/2017 936 1,350,000 - 1,442 2015 ResaleCHANGI GREEN Condominium Freehold 11/23/2017 1,001 970,000 - 969 1998 ResaleEAST MEADOWS Condominium 99 years 11/22/2017 1,485 1,300,000 - 875 2002 ResaleEASTWOOD PARK Terrace 99 years 11/21/2017 1,938 2,150,000 - 1,111 1997 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years 11/24/2017 883 1,215,000 - 1,377 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years 11/26/2017 667 1,098,000 - 1,645 Uncompleted New SaleJALAN DEMAK Semi-Detached 99 years 11/24/2017 2,379 2,000,000 - 841 1995 ResaleJALAN HAJI SALAM Terrace Freehold 11/24/2017 1,679 2,250,000 - 1,342 1991 ResaleSTRATFORD COURT Condominium 99 years 11/23/2017 990 838,000 - 846 1998 ResaleTHE CLEARWATER Condominium 99 years 11/21/2017 1,206 1,000,000 - 829 2001 ResaleWATERFRONT ISLE Condominium 99 years 11/24/2017 1,270 1,418,000 - 1,116 2015 ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold 11/22/2017 947 735,000 - 776 2001 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold 11/28/2017 1,485 1,188,000 - 800 2009 ResalePARC OLYMPIA Condominium 99 years 11/21/2017 1,023 955,000 - 934 2015 ResalePARC OLYMPIA Condominium 99 years 11/23/2017 1,163 1,062,000 - 914 2015 ResaleTHE INFLORA Condominium 99 years 11/28/2017 463 548,000 - 1,184 2016 ResaleDistrict 18 D’NEST Condominium 99 years 11/23/2017 753 840,000 - 1,115 2017 Sub SaleEASTPOINT GREEN Condominium 99 years 11/23/2017 1,173 870,000 - 742 1999 ResaleLIVIA Condominium 99 years 11/23/2017 915 816,888 - 893 2011 ResaleMELVILLE PARK Condominium 99 years 11/21/2017 936 660,000 - 705 1996 ResaleMELVILLE PARK Condominium 99 years 11/27/2017 1,399 820,000 - 586 1996 ResaleOASIS @ ELIAS Condominium 99 years 11/22/2017 1,216 970,000 - 797 2011 ResaleRIPPLE BAY Condominium 99 years 11/21/2017 1,313 1,238,000 - 943 2015 ResaleRIS GRANDEUR Condominium Freehold 11/21/2017 1,292 1,080,000 - 836 2005 ResaleTHE ALPS RESIDENCES Condominium 99 years 11/21/2017 1,087 1,166,000 - 1,073 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/23/2017 936 1,068,000 - 1,140 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/23/2017 1,066 1,129,000 - 1,059 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/23/2017 936 1,078,000 - 1,151 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/23/2017 936 981,000 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/25/2017 936 1,041,000 - 1,112 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years 11/26/2017 1,066 1,186,000 - 1,113 Uncompleted New SaleTHE ESPARIS EC 99 years 11/21/2017 1,292 800,000 - 619 2005 ResaleDistrict 19 BARTLEY RESIDENCES Apartment 99 years 11/24/2017 570 720,000 - 1,262 2015 ResaleCASA CAMBIO Condominium Freehold 11/27/2017 1,270 1,400,000 - 1,102 2014 ResaleCASA ESPANIA Apartment Freehold 11/24/2017 1,658 1,450,000 - 875 1991 Resale


EVERGREEN PARK Apartment 99 years 11/23/2017 1,023 708,000 - 692 1999 ResaleFLO RESIDENCE Condominium 99 years 11/21/2017 926 835,000 - 902 2016 ResaleFOREST WOODS Condominium 99 years 11/26/2017 1,066 1,454,000 - 1,364 Uncompleted New SaleKENSINGTON SQUARE Apartment Freehold 11/24/2017 915 980,000 - 1,071 2016 ResaleKOVAN MELODY Condominium 99 years 11/24/2017 893 993,888 - 1,112 2006 ResaleKOVAN REGENCY Condominium 99 years 11/21/2017 1,055 1,400,000 - 1,327 2015 ResaleKOVAN RESIDENCES Condominium 99 years 11/27/2017 1,270 1,370,000 - 1,079 2011 ResaleKOVAN RESIDENCES Condominium 99 years 11/28/2017 893 1,180,000 - 1,321 2011 ResaleLUSHAN GARDEN Semi-Detached Freehold 11/27/2017 5,414 5,528,000 - 1,022 1977 ResaleVEERAGOO CLOSE Semi-Detached Freehold 11/22/2017 4,026 3,750,000 - 933 Unknown ResalePARC VERA Condominium 99 years 11/27/2017 786 760,000 - 967 2014 ResaleREGENTVILLE Apartment 99 years 11/28/2017 1,152 790,000 - 686 1999 ResaleRIVER ISLES Condominium 99 years 11/23/2017 893 850,000 - 951 2015 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years 11/27/2017 2,260 2,933,000 - 1,298 1998 ResaleSTARS OF KOVAN Apartment 99 years 11/21/2017 743 1,099,940 - 1,481 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years 11/23/2017 969 1,527,000 - 1,576 Uncompleted New SaleSUNGLADE Condominium 99 years 11/22/2017 1,238 1,325,000 - 1,070 2003 ResaleTAI HWAN PARK Terrace Freehold 11/23/2017 1,690 2,700,000 - 1,601 1990 ResaleTANGERINE GROVE Condominium Freehold 11/23/2017 1,378 1,520,000 - 1,103 2007 ResaleTERRASSE Condominium 99 years 11/22/2017 538 665,600 - 1,237 2014 ResaleTHE FLORIDA EC 99 years 11/23/2017 1,292 845,000 - 654 2000 ResaleTHE LUXURIE Condominium 99 years 11/23/2017 452 590,000 - 1,305 2015 ResaleTHE LUXURIE Condominium 99 years 11/24/2017 775 863,000 - 1,114 2015 ResaleTHE MINTON Condominium 99 years 11/22/2017 700 760,000 - 1,086 2013 ResaleTHE VALES EC 99 years 11/22/2017 764 679,000 - 888 2017 New SaleWATERTOWN Apartment 99 years 11/22/2017 1,119 1,515,000 - 1,353 2017 Sub SaleDistrict 20 GRANDEUR 8 Condominium 99 years 11/27/2017 1,227 1,320,000 - 1,076 2005 ResalePEIRCE VIEW Condominium Freehold 11/21/2017 1,281 1,285,000 - 1,003 1996 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,798 2,398,500 - 1,334 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,163 1,653,300 - 1,422 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,518 2,129,600 - 1,403 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,518 2,177,800 - 1,435 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,464 2,236,500 - 1,528 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,206 1,966,300 - 1,631 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,819 2,846,900 - 1,565 2015 ResaleSKY HABITAT Condominium 99 years 11/23/2017 1,281 1,890,900 - 1,476 2015 ResaleSKY HABITAT Condominium 99 years 11/24/2017 1,378 1,739,100 - 1,262 2015 ResaleSKY HABITAT Condominium 99 years 11/27/2017 1,399 1,940,900 - 1,387 2015 ResaleSKY HABITAT Condominium 99 years 11/27/2017 1,830 2,727,900 - 1,491 2015 ResaleTHOMSON GARDEN ESTATE Terrace Freehold 11/24/2017 1,701 2,160,000 - 1,271 Unknown ResaleTHOMSON GARDEN ESTATE Terrace Freehold 11/27/2017 883 1,500,000 - 1,695 Unknown ResaleTHOMSON IMPRESSIONS Apartment 99 years 11/22/2017 1,055 1,557,808 - 1,477 Uncompleted New SaleDistrict 21 CLEMENTI PARK Detached Freehold 11/27/2017 7,750 8,680,000 - 1,120 Unknown ResaleCLEMENTI PARK Detached Freehold 11/27/2017 6,028 8,650,000 - 1,436 Unknown ResaleENG KONG PARK Terrace Freehold 11/24/2017 3,218 3,700,000 - 1,150 Unknown ResaleFLORIDIAN Condominium Freehold 11/22/2017 1,658 2,770,000 - 1,671 2012 ResaleFLORIDIAN Condominium Freehold 11/28/2017 1,658 2,850,000 - 1,719 2012 ResaleFLORIDIAN Condominium Freehold 11/28/2017 1,658 2,600,000 - 1,568 2012 ResaleFREESIA WOODS Condominium Freehold 11/27/2017 1,421 1,755,000 - 1,235 2003 ResaleGARDENVISTA Condominium 99 years 11/21/2017 1,345 1,668,000 - 1,240 2006 ResaleHILLVIEW GREEN Condominium 999 years 11/27/2017 1,324 1,360,000 - 1,027 1998 ResaleLE WOOD Condominium 99 years 11/27/2017 1,270 955,000 - 752 2000 ResaleMAPLE WOODS Condominium Freehold 11/24/2017 1,335 2,100,000 - 1,573 1997 ResaleSUNSET PLACE Detached Freehold 11/24/2017 7,524 8,800,000 - 1,169 Unknown ResaleSIGNATURE PARK Condominium Freehold 11/27/2017 1,023 1,100,000 - 1,076 1998 ResaleTHE BEVERLY Apartment Freehold 11/27/2017 1,862 2,380,000 - 1,278 2012 ResaleTHE CASCADIA Condominium Freehold 11/23/2017 1,496 2,350,000 - 1,571 2010 ResaleDistrict 22 LAKE GRANDE Condominium 99 years 11/22/2017 1,152 1,600,000 - 1,389 Uncompleted New SaleLAKE GRANDE Condominium 99 years 11/22/2017 1,152 1,595,000 - 1,385 Uncompleted New SaleTHE FLORAVALE EC 99 years 11/27/2017 1,249 820,000 - 657 2000 ResaleDistrict 23 ECO SANCTUARY Condominium 99 years 11/24/2017 775 985,000 - 1,271 2016 ResaleHILLION RESIDENCES Apartment 99 years 11/23/2017 710 1,150,000 - 1,619 2017 New SaleINZ RESIDENCE EC 99 years 11/23/2017 1,109 882,000 - 796 Uncompleted New SaleINZ RESIDENCE EC 99 years 11/23/2017 990 791,000 - 799 Uncompleted New SaleINZ RESIDENCE EC 99 years 11/24/2017 1,044 863,000 - 827 Uncompleted New SaleINZ RESIDENCE EC 99 years 11/26/2017 1,109 915,500 - 826 Uncompleted New SaleINZ RESIDENCE EC 99 years 11/26/2017 1,044 821,000 - 786 Uncompleted New SaleINZ RESIDENCE EC 99 years 11/26/2017 1,044 875,000 - 838 Uncompleted New SaleMAYSPRINGS Apartment 99 years 11/22/2017 1,292 900,000 - 697 1998 ResaleMI CASA Condominium 99 years 11/24/2017 990 905,000 - 914 2012 ResaleNORTHVALE Apartment 99 years 11/21/2017 1,292 910,000 - 705 1998 ResaleNORTHVALE Apartment 99 years 11/23/2017 1,615 1,175,000 - 728 1998 ResalePAVILION PARK Terrace Freehold 11/22/2017 2,336 2,900,000 - 1,244 2008 ResaleSOL ACRES EC 99 years 11/21/2017 872 700,000 - 803 Uncompleted New SaleSOL ACRES EC 99 years 11/21/2017 570 468,000 - 820 Uncompleted New SaleTHE HILLIER Apartment 99 years 11/23/2017 592 760,000 - 1,284 2016 ResaleTREE HOUSE Condominium 99 years 11/28/2017 1,249 1,270,000 - 1,017 2013 ResaleDistrict 25 NORTHWAVE EC 99 years 11/22/2017 1,119 868,000 - 775 Uncompleted New SaleNORTHWAVE EC 99 years 11/23/2017 678 567,000 - 836 Uncompleted New SaleNORTHWAVE EC 99 years 11/24/2017 1,130 890,000 - 787 Uncompleted New SaleWOODHAVEN Condominium 99 years 11/27/2017 624 640,000 - 1,025 2015 ResaleWOODSVALE EC 99 years 11/24/2017 1,292 840,000 - 650 2000 ResaleWOODSVALE EC 99 years 11/28/2017 1,292 795,000 - 615 2000 ResaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold 11/22/2017 1,496 1,700,000 - 1,136 2012 ResaleTHE COUNTRYSIDE Terrace Freehold 11/22/2017 1,948 2,308,800 - 1,188 1996 ResaleTHE COUNTRYSIDE Semi-Detached Freehold 11/24/2017 3,423 3,500,000 - 1,023 1998 ResaleDistrict 27 EIGHT COURTYARDS Condominium 99 years 11/24/2017 958 858,000 - 896 2014 ResaleNORTH PARK RESIDENCES Apartment 99 years 11/21/2017 1,098 1,465,560 - 1,335 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years 11/21/2017 775 1,060,320 - 1,368 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years 11/25/2017 775 1,121,420 - 1,447 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years 11/25/2017 1,432 1,869,440 - 1,306 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years 11/25/2017 1,432 1,853,800 - 1,295 Uncompleted New SalePARC LIFE EC 99 years 11/22/2017 1,001 787,050 - 786 Uncompleted New SalePARC LIFE EC 99 years 11/22/2017 1,001 753,390 - 753 Uncompleted New SalePARC LIFE EC 99 years 11/23/2017 1,066 881,100 - 827 Uncompleted New SalePARC LIFE EC 99 years 11/24/2017 1,281 1,030,590 - 805 Uncompleted New SalePARC LIFE EC 99 years 11/24/2017 1,109 942,480 - 850 Uncompleted New SalePARC LIFE EC 99 years 11/25/2017 1,109 961,290 - 867 Uncompleted New SalePARC LIFE EC 99 years 11/25/2017 1,001 794,970 - 794 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years 11/23/2017 1,098 798,500 - 727 2017 New SaleTHE CRITERION EC 99 years 11/25/2017 1,119 998,400 - 892 Uncompleted New SaleTHE CRITERION EC 99 years 11/25/2017 915 732,000 - 800 Uncompleted New SaleTHE VISIONAIRE EC 99 years 11/22/2017 1,453 1,135,000 - 781 Uncompleted New SaleTHE VISIONAIRE EC 99 years 11/22/2017 1,023 830,000 - 812 Uncompleted New SaleTHE VISIONAIRE EC 99 years 11/25/2017 850 723,000 - 850 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold 11/21/2017 3,584 2,904,500 - 810 Uncompleted New SaleHOCK SWEE HILL Semi-Detached Freehold 11/28/2017 3,423 3,000,000 - 876 1979 ResalePARC BOTANNIA Condominium 99 years 11/21/2017 506 636,000 - 1,257 Uncompleted New SalePARC BOTANNIA Condominium 99 years 11/21/2017 506 617,000 - 1,220 Uncompleted New SalePARC BOTANNIA Condominium 99 years 11/22/2017 980 1,267,000 - 1,293 Uncompleted New SalePARC BOTANNIA Condominium 99 years 11/23/2017 431 580,000 - 1,347 Uncompleted New SalePARC BOTANNIA Condominium 99 years 11/23/2017 431 593,000 - 1,377 Uncompleted New SaleSTRATTON GREEN Terrace Freehold 11/24/2017 1,938 2,550,000 - 1,316 2003 ResaleTHE GREENWICH Condominium 99 years 11/24/2017 883 868,000 - 983 2014 ResaleVILLA BEGONIA Semi-Detached 99 years 11/23/2017 2,293 1,850,000 - 809 1998 Resale

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Dec 5, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

GAINS AND LOSSES


Unit at Scotts Highpark sold at $1.16 mil loss

Top 10 gains and losses from Nov 21 to 28

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Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Ardmore Park 10 2,885 Nov 23 2,981 June 16, 2009 2,097 2,550,000 42 4 8.4

2 The Waterside 15 2,400 Nov 21 1,729 July 1, 2000 917 1,950,000 89 4 17.4

3 Nomu 9 1,389 Nov 24 2,052 Feb 28, 2006 1,034 1,409,200 98 6 11.7

4 The Light @ Cairnhill 9 2,024 Nov 28 2,001 April 4, 2006 1,532 950,000 31 2 11.7

5 Dakota Residences 14 1,830 Nov 22 1,448 Feb 5, 2010 952 908,112 52 6 7.8

6 Park Infinia at Wee Nam 11 1,690 Nov 24 1,900 Sept 16, 2008 1,380 878,800 38 4 9.2

7 Tiara 9 1,561 Nov 24 1,698 Nov 1, 1999 1,140 870,460 49 2 18.1

8 The Grandhill 5 1,410 Nov 21 1,135 June 10, 2004 522 864,000 117 6 13.5

9 Pebble Bay 15 1,367 Nov 24 1,280 Oct 20, 2006 653 857,000 96 6 11.1

10 Freesia Woods 21 1,421 Nov 27 1,235 Aug 30, 2006 660 817,000 87 6 11.3

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Scotts Highpark 9 3,466 Nov 27 1,666 July 31, 2007 2,000 1,157,000 17 2 10.3

2 Scotts Square 9 624 Nov 23 3,204 Oct 23, 2007 4,153 592,720 23 3 10.1

3 Riveria Gardens 9 969 Nov 23 1,837 Sept 21, 2007 2,378 523,840 23 3 10.2

4 Reflections at Keppel Bay 4 1,507 Nov 24 1,619 July 13, 2007 1,898 420,480 15 2 10.4

5 The Tresor 10 2,616 Nov 28 1,522 Nov 9, 2007 1,609 228,000 5 1 10.1

6 Residences @ Killiney 9 1,625 Nov 21 1,772 July 24, 2009 1,874 166,531 5 1 8.3

7 Floridian 21 1,658 Nov 28 1,719 Dec 20, 2010 1,810 150,360 5 1 6.9

8 Duchess Crest 10 936 Nov 21 1,228 Nov 20, 2014 1,386 148,000 11 4 3.0

9 Soleil @ Sinaran 11 581 Nov 28 1,781 Dec 24, 2012 1,978 115,000 10 2 4.9

10 Tanglin Regency 10 850 Nov 23 1,270 May 25, 2012 1,399 110,000 9 2 5.5

Note: Computed based on URA caveat data as at Dec 5 for private non-landed houses transacted between Nov 21 and 28. The profit-and-loss computation excludes transaction costs such as stamp duties.

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2017) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

Non-profi table deals

| BY LIN ZHIQIN |

A 3,466 sq ft, four-bedroom unit on

the fifth floor of Scotts Highpark

was sold for $5.78 million ($1,666

psf) on Nov 27. The previous own-

er bought it at $6.93 million ($2,000

psf) in a sub-sale in July 2007. The $1.16 mil-

lion (17%) loss incurred by the seller is the

biggest for condominium units sold in the

week of Nov 21 to 28, based on the matching

of URA caveat data.

The three biggest losses for condo units

transacted in the week involved freehold

projects in prime District 9. As it is with the

one at Scotts Highpark, the units at Scotts Square and Riveria Gardens were bought

in 2H2007 and sold after a 10-year hold-

ing period.

Scotts Highpark is a 73-unit luxury, free-

hold condo that was completed in 2009. It is

located on Scotts Road and close to the New-

ton MRT station. Based on the matching of

URA caveat data, there have been two profita-

ble transactions at the condo this year. In Sep-

tember, a 1,744 sq ft unit on the fifth floor was

sold for a $50,000 (2%) profit and a 3,466 sq ft

unit on the 11th floor was sold for a $525,840

(9%) profit.

Meanwhile, all three unprofitable trans-

actions at Scotts Highpark this year resulted

in losses of more than a million. The larg-

est loss involved a 4,209 sq ft unit on the

13th floor that was sold for $6.82 million

($1,620 psf). The previous owner, who paid

$9 million ($2,138 psf) for the unit in Sep-

tember 2011, suffered a $2.18 million (24%)

loss, the biggest loss at the development so

far. According to URA caveat data, the unit

changed hands at a $1.95 million profit in

September 2011. It was originally purchased

from the developer for $7.05 million ($1,675

psf) in September 2006.

At Scotts Square, a mixed-use development

also located on Scotts Road, a 624 sq ft unit on

the 28th floor was sold at a $592,720 (23%)

loss on Nov 23. The previous owner bought it

from the developer for $2.59 million ($4,153

psf) in October 2007 and sold it for $2 million

($3,204 psf).

This transaction adds to a spate of unprof-

itable deals at Scotts Square. Based on the

matching of URA caveat data, the last time

a unit changed hands at a profit was in Sep-

tember 2015, when a 1,227 sq ft unit on the

21st floor fetched a $295,650 (8%) profit. The

unit was sold for $4.04 million ($3,291 psf),

the second time it changed hands. Its first

owner bought the unit from the developer for

$4.77 million ($3,890 psf) in August 2007. He

incurred a $1.03 million (22%) loss when he

sold the unit at $3.74 million ($3,050 psf) in

November 2008.

In the 15 unprofitable transactions at Scotts

Square this year, the sellers incurred losses of

$561,600 to $1.56 million. In 2016, seven units

changed hands at losses ranging from $647,088

to $1.2 million.

Based on the matching of URA caveat data,

all three units that have changed hands at the

49-unit Riveria Gardens so far have resulted

in losses for the sellers. On Nov 23, a 969 sq

ft unit on the eighth floor was sold for $1.78

million ($1,837 psf). This translates into a

$523,840 (23%) loss for the previous own-

er, who bought the unit from the developer at

$2.3 million ($2,378 psf).

The other two unprofitable transactions in-

volved similar-sized units purchased at $2.32

million ($2,398 psf) in September 2007 and

$2.25 million ($2,323 psf) in October 2012.

The sellers incurred losses of $133,200 (6%)

and $500,000 (22%) when the units were re-

spectively sold at $2.19 million ($2,261 psf)

in August 2014 and $1.75 million ($1,806 psf)

in June 2015.

Scotts Highpark is a 73-unit luxury, freehold condominium located in prime District 9, close to the Newton MRT station. Find the most affordable listings in the project at edgepr.link/ScottsHighpark.E

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DEAL WATCH


Recent rental contracts for 1,200 to 1,300 sq ft units at The MeyeriseLEASE DATE (2017) MONTHLY RENT $ $ PSF

August 5,000 3.85August 4,400 3.38August 4,600 3.54July 4,400 3.38July 4,500 3.46

MONTHL$

5,000 4,400 4,600 4,400 4,500

| BY TIMOTHY TAY |

A 1,281 sq ft, three-bedroom

unit at The Meyerise is

on the market for $2.58

million ($2,011 psf). The

owner is a Singaporean

who bought the unit from the de-

veloper in 2014 as an investment

property, says ERA Realty Network

marketing director John Donough,

who is handling the sale of the unit.

Located on the eighth floor of

one of the twin 31-storey towers at

The Meyerise, the unit has been

leased since 2014. The monthly

rent for the first two years was

about $5,500. The current tenant,

a foreigner, is leasing the unit at

$4,000 a month. The lease will

expire next June. Based on the

current rent and asking price,

this translates into a gross rental

yield of 1.86%.

However, Donough of ERA Re-

alty feels that there is opportunity

for future rent and price upside for

a new buyer. This is because the

recent spate of collective sales in

the east — notably Amber Park,

Nanak Mansions and The Albrac-

ca in the Meyer Road and Amber

Road neighbourhoods, will mean

that there will be displaced tenants

and residents from these projects

who will be looking for replace-

ment units.

The Meyerise is a 239-unit free-

hold development completed just

two years ago by Hong Leong Hold-

ings. Earlier this year, the devel-

oper had offered a deferred pay-

ment scheme and discount of up to

23% for selected units at the pro-

ject. Since then, all the available

units have been snapped up, and

only one penthouse is still avail-

able for sale.

The Tanjong Katong MRT station

on the upcoming Thomson-East

Coast Line is also located within

walking distance of The Meyerise.

From the condominium, residents

can also use the underground pe-

destrian walkway to East Coast

Park and the seaside.

Unit at The Meyerise on the market for $2.58 mil

The eighth-floor unit is being sold with an existing tenancy that will expire next June

Recent transactions at The Meyerise

CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Oct 19, 2017 1,313 2,985,000 2,273

Oct 16, 2017 1,313 3,051,000 2,323

Oct 13, 2017 1,281 3,005,000 2,346

Sept 21, 2017 1,313 2,879,000 2,192

Sept 21, 2017 1,819 3,320,000 1,825

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EVENTS

Learning with wine at Highline Residences| BY SAMANTHA FOO |

On Nov 29, EdgeProp collaborated

with Keppel Land to host the fourth

“Learning with Wine” event at the

sales gallery of the high-end condo

Highline Residences.

As we are nearing the end of 2017, topics

of interest were naturally the outlook for next

year. Iverson Lee from Joey Yap Consulting

Group gave a talk titled “Master Your Wealth,

Health and Happiness”. EdgeProp senior

account manager Shermie Tee demonstrated

the online tools to find out the collective sale

potential of a project, as well as the indicative

break-even price for sites sold in the Govern-

ment Land Sales programme.

The highlight of the event was a presenta-

tion titled “History of Rhône Valley: Home of

some of the greatest wines” by Jonathann Gal-

lay from The French Cellar. The event was at-

tended by 40 guests.

Attendees tasting wines from the Rhône Valley with Gallay (right) from The French Cellar

Lee giving his outlook for 2018

Light refreshments were served at the event

Tee giving a recap on theen bloc sales in 2017

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Guests looking at a scale modelof the upcoming phase at

Highline Residences

20171211 s ep 809 · 2017. 12. 7. · us$323 psf a year. this was followed by midtown in new york...

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